In his first budget address to the people of New Jersey, Gov. Phil Murphy decided it was better to go bold, or not go at all. In an enthusiastic, nearly hourlong speech, Murphy described his plan as “realistic and responsible.” He outlined a host of big-ticket investments that he promised would make New Jersey more competitive economically and more livable for all residents for years to come.

Though we applaud Murphy’s vision on one hand, and his passion for the plight of ordinary New Jerseyans, we are not altogether sure this budget is either realistic or responsible.

Murphy’s first budget proposal, which he described as part of a “stronger, fairer” vision for the state, includes the long-touted “millionaires tax” — to generate roughly $765 million in fiscal year 2019 — as well as a restoration of the sales tax to 7 percent, which he estimates will bring in $581 million to help stabilize the general fund. Of the millionaires tax, Murphy said it’s “the right thing to do, and now is the right time to do it.”

Whether New Jersey’s residents, already among the highest-taxed citizens in the land, will embrace such new taxes, or the wide swing in public sector spending they are meant to support, remains to be seen. In all, the new Murphy plan represents an 8 percent increase in spending, appropriations totaling $37.4 billion.

It’s as if Murphy has taken a page from the book of President Donald Trump, who has been in a rush to roll back the legacy of his predecessor. New Jersey’s new governor seems to want to do the same thing, to do everything in one big push.

We understand that the new governor made campaign promises, perhaps too many, and we understand the need to stake out his own path. Still, we question whether this budget is too ambitious, asking too much, too soon, especially in the wake of the recently passed federal tax cut plan that is going to hit households across the state with the so-called SALT deductions cap.

“Not long ago, we proudly invested in education, in reliable mass transit, and in our communities — and we all benefited from those dividends,” said Murphy. “This budget makes those investments once again so we will reap those benefits once again, and it does so responsibly.”

Some of those investments, such as an infusion of $242 million for NJ Transit and a plan to begin to fully fund public schools under the current formula, are long awaited and long overdue. Yet other items, such as phased-in tuition-free community college, seem like initiatives that may be unaffordable in the current climate.

Murphy also announced a push for a phased-in $15 minimum wage, along with an increase in the Earned Income Tax Credit, measures that could well benefit working families.

As for the longtime bugaboo that has plagued New Jersey governors for several years, the unsustainable pension fund, Murphy has proposed a fiscal year 2019 contribution of $3.2 billion. There was no mention of any remedy to make the pension more stable going forward.

Murphy, a Democrat, delivered his first budget address with lots of enthusiasm, and to lots of applause from the majority Democratic Legislature. Time will tell whether that enthusiasm will hold, or whether it will be tempered in coming days, perhaps by fiscal realities, and perhaps even by those lawmakers in his own party.

New Jersey faces many challenges, and our new governor seems to want to address every single one of them all at once. Yet governing is not the same as campaigning. In campaigning, there is room for drama and star-gazing. In governing, there is only so much time, so much money and so much political will. In coming days, we’ll have a chance to see just how far all that goes in Trenton.